Date | Description | Debit | Credit |
Jan 3 | Petty cash | $ 4,500 | |
Cash | $ 4,500 | ||
To record establish petty cash. | |||
Feb 26 | Office supplies | $ 1,680 | |
Miscellaneous selling expense | $ 570 | ||
Miscellaneous administrative expense | $ 880 | ||
Petty cash | $ 3,130 | ||
To record the replenishment of petty cash. | |||
Apr 14 | Inventory | $ 31,300 | |
Accounts payable | $ 31,300 | ||
To record merchandise on account. | |||
May 13 | Accounts payable | $ 31,300 | |
Cash | $ 31,300 | ||
To record cash paid to the vendor. | |||
May 17 | Cash | $ 21,200 | |
Cash short | $ 40 | ||
Sales | $ 21,240 | ||
To record cash received and a shortage of cash. | |||
June 2 | Notes receivable | $ 180,000 | |
Accounts receivable | $ 180,000 | ||
To record notes received from the customer. | |||
Aug 1 | Cash | $ 182,400 | |
Interest revenue (180000*8%*60/360) | $ 2,400 | ||
Notes receivable | $ 180,000 | ||
To record the maturity of notes. | |||
Aug 24 | Cash | $ 7,600 | |
Allowance of doubtful accounts (9000-7600) | $ 1,400 | ||
Accounts receivable | $ 9,000 | ||
To record cash collection from customer and remainder balance write off. | |||
Sep 15 | Accounts receivable | $ 1,400 | |
Allowance of doubtful accounts | $ 1,400 | ||
To record reinstate of accounts receivable | |||
Sep 15 | Cash | $ 1,400 | |
Accounts receivable | $ 1,400 | ||
To record cash received from the customer. | |||
Sep 15 | Land (670000-15075) | $ 654,925 | |
Discount on notes payable (670000*9%*90/360) | $ 15,075 | ||
Notes payable | $ 670,000 | ||
To record purchased on land. | |||
Oct 17 | Cash | $ 135,000 | |
Notes receivable | $ 100,000 | ||
Accumulated depreciation | $ 64,000 | ||
Loss on sale of equipment (320000-135000-100000-64000) | $ 21,000 | ||
Office equipment | $ 320,000 | ||
To record the sale of office equipment. | |||
Nov 30 | Sales salaries expense | $ 135,000 | |
Office salaries expense | $ 77,250 | ||
Employee income tax payable | $ 39,266 | ||
Social security tax payable | $ 12,735 | ||
Medicare tax payable | $ 3,184 | ||
Salaries payable (135000+77250-39266-12735-3184) | $ 157,065 | ||
To record salaries expense. | |||
Nov 30 | Payroll taxes expense | $ 16,229 | |
Social security tax payable | $ 12,735 | ||
Medicare tax payable | $ 3,184 | ||
State unemployment tax payable (5000*5.4%) | $ 270 | ||
Federal unemployment tax payable (5000*0.8%) | $ 40 | ||
To record payroll taxes expense. | |||
Dec 14 | Notes payable | $ 670,000 | |
Cash | $ 670,000 | ||
To record cash payment to notes payable. | |||
Dec 14 | Pension expense | $ 190,400 | |
Pension liability (190400-139700) | $ 50,700 | ||
Cash | $ 139,700 | ||
To record cash paid to pension expense. |
PLEASE HELP!!!!! Read the information. Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company...
Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500....
This is due in a week. Please help! Chapter Review 10-7i Comprehensive Problem 3 Selected transactions completed by Komett Company during its first fiscal year ended December 31, 20Y5, were as follows GENERAL LEDEER Jan ssued a check to establish a petty cash fund of $4,500 3. Feb. 26. Replenished the petty cash fund, based on the tollowing summary of petty cash receipts: ofice supplies, 31,680: miscellaneous selling expense,$570; miscelaneouS administrative expense, $880. Apr. Purchased $31,300 of merchandise on accounıt,...
prehensive Problem 3 Comprehensi 5. Total assets, $3,569,300 GENERAL LEDGER Selected transactions completed by December 31, 2014, were as follows: ns completed by Kornett Company during its first fiscal year ended December 31, 2014 Jan. 3. Issued a check to establish a petty cash fund of $4,500. Feb. 26. Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; misc neous administrative expense, $880. Apr. 14. Purchased $31,300 of...
NEED HELP WITH THIS PROBLEMS!!!! There all together please read the information! Comprehensive Problem 3 Part 4: Note: You must complete parts 1, 2, and 3 before completing part 4 of this comprehensive problem. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave...
Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Instructions: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 5. Split the common stock 4 for 1 and reduced the par from $100 to $25 per share. After the...
Apr. 8 Issued a $8,800, 75-day, 8% note payable in payment of an account with Bennett Company May 15 Borrowed $40,000, 60-day, 9% note from Lincoln Bank. Jun. 22 Paid Bennett Company the principal and interest due on the April 8 note payable. Jul. 6 Purchased $16,000 of merchandise from Bolton Company, signed an Jul 14 Paid the May 15 note due Lincoln Bank Oct. 2 Borrowed $28,000, 120-day, 12% note from Lincoln Bank. Oct. 4 Defaulted on the note...
PLEASE HELP.....Read the information very carefully! The following items were selected from among the transactions completed by Sherwood Co. during the current year Purchased merchandise on account from Kirkwood Co., $402,000, terms n/30 Мaг. 1 Issued a 30-day, 4% note for $402,000 to Kirkwood Co., on account 31 Apr 30 Paid Kirkwood Co. the amount owed on the note of March 31 Borrowed $186,000 from Triple Creek Bank, issuing a 45-day, 4 % note. Jun Jul 1 Purchased tools by...
Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 8% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $153,600 from Triple Creek Bank, issuing a 60-day, 9% note. July 21. Purchased tools by issuing a $99,000,...
Entries for Selected Corporate Transactions Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows. Instructions: Journalize the transactions. If no entry is required, select "No entry required" from the dropdown box and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 15. Split the common stock 5 for 1 and reduced the par from $75 to $15 per share. After the...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries Sales salaries Federal income taxes tithheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salaries included above) subject to federal unemployment taxes Salaries included abovej subject to state unemployment taxes $320,000 670,000 190,000 75,000 16.000 12.000 550.000 600.000 Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll C. Accrual of employer's...